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Vericel Corporation, a commercial-stage biopharmaceutical company, engages in the research, development, manufacture, and distribution of cellular therapies and specialty biologic products for sports medicine and severe burn care markets in North America. The company markets autologous cell therapy products comprising MACI, an autologous cultured chondrocytes on porcine collagen membrane for the repair of symptomatic, and single or multiple full-thickness cartilage defects of the knee; Epicel, a permanent skin replacement humanitarian use device for the treatment of adult and pediatric patients with deep-dermal or full-thickness burns; and NexoBrid, a biological orphan product for eschar removal in adults and pediatric patients with deep partial-thickness and/or full-thickness thermal burns. Vericel Corporation was formerly known as Aastrom Biosciences, Inc. and changed its name to Vericel Corporation in November 2014. The company was incorporated in 1989 and is headquartered in Cambridge, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $276M | $30M | $17M | $25M | 4.7% | 16.5% | 59.4% |
| 2024 | $237M | $17M | $10M | $-6M | 3.5% | 20.1% | -425.6% |
| 2023 | $198M | $3M | $-3M | $8M | -1.4% | 20.2% | -81.0% |
| 2022 | $164M | $-12M | $-17M | $10M | -8.7% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 164.36 | 197.52 | 237.22 | 276.26 |
| Cost Of Revenue | - | 54.58 | 61.94 | 65.12 | 70.66 |
| Gross Profit | - | 109.79 | 135.58 | 172.11 | 205.60 |
| Operating Expense | - | 126.85 | 142.04 | 167.59 | 194.56 |
| Operating Income | - | -17.06 | -6.46 | 4.52 | 11.04 |
| EBITDA | - | -11.64 | 2.86 | 16.63 | 29.55 |
| EBIT | - | -15.62 | -1.77 | 11.12 | 18.01 |
| Pretax Income | - | -15.99 | -2.37 | 10.51 | 17.38 |
| Tax Provision | - | 0.72 | 0.81 | 0.15 | 0.86 |
| Net Income | - | -16.71 | -3.18 | 10.36 | 16.52 |
| Net Income Common Stockholders | - | -16.71 | -3.18 | 10.36 | 16.52 |
| Total Expenses | - | 181.42 | 203.98 | 232.70 | 265.21 |
| Interest Expense | - | 0.37 | 0.60 | 0.61 | 0.63 |
| Interest Income | - | 1.34 | 4.63 | 6.41 | 7.01 |
| Research And Development | - | 19.94 | 21.04 | 24.80 | 27.56 |
| Selling General And Administration | - | 106.90 | 121 | 142.79 | 166.99 |
| Normalized EBITDA | - | -11.64 | 2.86 | 16.63 | 29.55 |
| Normalized Income | - | -16.71 | -3.18 | 10.36 | 16.52 |
| Market Cap | 1,815.20 | 1,815.20 | 1,815.20 | 1,815.20 | 1,815.20 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Vericel Corporationthis co. | VCEL | - | 109.89 | 5.12 | 4.7% | 61.30 |
| Actuate Therapeutics, Inc. Common stock | ACTU | $68M | - | 8.45 | -280.5% | - |
| LENSAR, Inc. | LNSR | $65M | - | -2.48 | 131.7% | -3.17 |
| Pulmonx Corporation | LUNG | $51M | - | 0.92 | -99.8% | -0.71 |
| Accuray Incorporated | ARAY | $50M | - |
| - |
| - |
| - |
| - |
| - |
| 0.94 |
| -2.0% |
| -107.66 |
| INmune Bio Inc. | INMB | $35M | - | 1.50 | -195.3% | -0.38 |
| Myomo, Inc. | MYO | $31M | - | 2.68 | -136.6% | -2.33 |
| Tvardi Therapeutics, Inc. | TVRD | $29M | - | 1.37 | -87.0% | 0.07 |
| Tevogen Bio Holdings Inc. | TVGN | $27M | - | -1.52 | 319.1% | -1.64 |
| Peer Median | - | - | 1.15 | -93.4% | -1.64 | |